Actual L3M4 Exam Recently Updated Questions with Free Demo [Q61-Q79]

Q61. Which of these describes ‘consideration’ within a contract?

Q62. A catering supplier agrees to provide a meal to a school for $1.15 per unit for two years. What type of commercial agreement is this?

Q63. A psychological view in which an employee treats the business and the work as if it were their own:

Q64. Tiger Rolls Bakery is a small local baker requiring a continuous supply of flour and butter for their products.
These items are in plentiful supply, due to the standardised nature of the items, they are bought regularly on a spot purchase approach from a range of market suppliers. Tiger Rolls Bakery has an electronic purchase order system that they use to place orders with the suppliers. On the back of each purchase order issued, Tiger Rolls Bakery includes a copy of their commercial contracting terms.
Which of the following describes the Tiger Rolls Bakery commercial contracting terms?

Q65. Taiichi Ohno came up with the notion of the ‘wastes’. How many wastes?

Q66. Which one of the following is very commonly seen as being the primary role of the procurement function (especially by those outside the procurement function)?

Q67. Management studies and experiments over several decades have found that increased participation of workers in decision-making about changes tends to lead to (choose one):

Q68. A buyer is in the process of supporting colleagues internally in the drafting of a specification for a new product. They have limited personal knowledge of the product and of the market. They are at the very early stages of drafting the specification and are seeking to increase their knowledge, whilst at the same time, keeping their likely future needs a commercial secret at this stage. Which of the following would be the best method of achieving this?

Q69. As part of a long term contract, a buyer may wish to use separate service level agreements (SLAs). If the targets are not met, which of the following options would compensate the purchaser?

Q70. In the application of price adjustment formulae, which of the following would be acceptable for a supplier to increase its selling price?

Q71. ‘A person may exert power on the basis of their formal authority or status’ Which of the French and Raven sources of power is being described here?

Q72. Where an organisational internal customer / user deliberately circumvents the procurement function, and buys from an external supplier without following due procedure. This is commonly called:

Q73. Which one of the Tuckman stages of team development is being described here?
‘..the team struggles to come together … conflict … competing for status and position’

Q74. Which of the following would be included in a contract to ensure satisfactory outcomes are delivered?

Q75. Which of the following are implied terms in a contract? Select TWO that apply.

Q76. Continuous improvement – making small changes in operations and activities in a never-ending way – is called in Japanese:

Q77. Thinking about PEST, or PESTEL, or STEEPLE; under which two headings would taxation most comfortably sit?

Q78. Fear of the unknown, peer pressure, organisational politics are examples of reasons why people might:

Q79. In contracts, implied terms play a crucial role in defining the rights and obligations of parties, even when not expressly stated in the contract. Which of the following are potential examples of implied terms? Select TWO that apply.